1150

LAWS OF MARYLAND

Ch. 282

premiums when the mortgage is reduced to the level at which the
insurance" company is no longer liable.

9-904. Exemption from Blue Sky Law.

The sale of savings accounts of any savings and loan
association in this State is exempt from all provisions of law of
this State that provide for the supervision and regulation of the
sale of securities. The sale of any accounts does not require
any action by any official who supervises the sale of securities.

9-905. Promotional activities; ADVERTISING.

(A)  The [Board of Commissioners] DIVISION DIRECTOR shall
regulate promotional activities by savings and loan associations.

(B)  AN ASSOCIATION MAY NOT PUBLISH OR CAUSE TO BE PUBLISHED
ANY MISLEADING ADVERTISEMENT, NOTICE, OR ANNOUNCEMENT OF ANY TYPE
OR FORMAT.

[9-906. Liberal construction.

To further the policies of Titles 8, 9, and 10 of this
article, the provisions of this title shall be liberally
construed to promote and foster the purposes of savings and loan
associations.]

9-906. LOANS CONDITIONED ON CERTAIN TRANSACTIONS PROHIBITED.

(A) AN ASSOCIATION OR RELATED ENTITY MAY NOT REQUIRE AS A
CONDITION OF MAKING A LOAN THAT THE BORROWER CONTRACT WITH ANY
SPECIFIC INDIVIDUAL, CORPORATION, BUSINESS ENTITY, OR
ORGANIZATION FOR PARTICULAR SERVICES.

(B) SUBSECTION (A) OF THIS SECTION MAY NOT BE INTERPRETED
TO PROHIBIT A REASONABLE LOAN REVIEW FEE.

[9-907. Defamation prohibited.

(a)  "False statement" defined.

In this section, "false statement" includes any untrue
statement or rumor, produced in any manner, that:

(1)  Is directly or by inference derogatory to the
financial condition of a savings and loan association;

(2)  Affects the solvency or financial standing of an
association; or

(3)  Is calculated to injure the reputation or
business of an association.

(b)  Prohibition.